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Hong Kong stocks ended four-day rising streak.
The Hong Kong market opened lower on Tuesday. Hang Seng index opened down 35points and H share index down 29 points. HSBC lost 1.12% for 28 point loss. CCB lost 0.7% for 13 point l...
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Hong Kong stocks ended four-day rising streak.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2019/08/21 09:06
The Hong Kong market opened lower on Tuesday. Hang Seng index opened down 35points and H share index down 29 points. HSBC lost 1.12% for 28 point loss. CCB lost 0.7% for 13 point loss. ICBC lost 0.8% for 9 point loss. On the contrary, Ping An rose 1.54% for 23 point gain. China Mobile rose 1.13% to contribute 14 point gain. Cheung Kong Group bought a British distillery. Share price rose 3% to contribute 9 point gain. CSPC’s interim profit rose 25%. Share price rose 4.3% to become the top gainer at opening. A shares opened down 0.26%. Shanghai composite index opened down 7 points. The Hong Kong market fell further after opening. Hang Seng index lost more than 100 points and fell to 26149 points, down 143 points, mainly due to weakness in financials. HSBC lost ground to fall 1.5% for 36 point loss. AIA lost 0.96% for 27 point loss. Pharmaceutical and handset suppliers rose. CSPC rose 8%. Sino Biopharm rose 1.9%. Sunny Optical rose 3% and AAC rose 1.34%. Retailers fell on downgrade. Chow Tai Fook lost 1%. Luk Fook lost 2.14%. Sa Sa lost 1%. Beer companies rose again. CR Brewery rose 1.95% to set record high. Tsingtao Beer rose 0.69%. A shares turned from loss to gain. Shanghai composite index closed the morning up 0.07%, 2 points. Hang Seng index closed the morning up 2 points. H share index closed up 51 points. Turnover was $44.5 billion.
 
The market was little changed in the afternoon. Trading was range bound. CSPC rose 11% to lead the blue chips. Sino Biopharm rose 3.73%. Consumers stocks rose. CR Brewery rose 2.8% and Anta Sports rose 4.9% to set historic highs. China Mobile rose 1.96% for 24 point gain. Tencent rose 0.6% for 16 point gain. Sunny Optical rose 6.3% for 13 point gain. AAC rose 5.9%. Foxconn rose 3.2%. Financials were weak. AIA, HSBC, CCB and ICBC accounted for 80 point loss in the index. Local properties fell again. SHK Property lost 2.5% to become the top loser. Wharf lost 1.8%. Henderson Land lost 1.3%. Link lost 0.6%. The Central clarified that the LPR scheme would not lower mortgage interest rate. Mainland developers fell on the news. Country Garden lost 1.7%. CR Land lost 1.11%. A shares closed down 0.11%. Shanghai composite index closed down 3 points. The market closed mixed. Hang Seng index closed down 60 points. H share index closed up 23 points. Turnover was $79.5 billion. 
 
Overnight, overseas markets fell to profit taking. Investors sold at high level to lock in profit.. European markets fell. DAX lost 66 points. CAC lost 27 points and FTSE lost 62 points. US markets retreated after two days of spectacular gains. Dow Jones lost 173 points; S & P lost 21 points and Nasdaq lost 65 points. Hong Kong ADR’S fell 135 points in New York. Night future lost 128 points. We expect the market to fall today. 
 
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